UK Small Businesses Expect Turnover Increase

Posted by on March 6, 2015

This particular study also has revealed that just under 80% of those asked report a profit or surplus in the past few months. This is up 6 percentage points on 2012 figures and up to pre-recession levels.

The ‘Small Business Survey 2014’ is based on a poll of more than 4,000 small businesses (no more than 249 employees) across the UK. More than a third of respondents say that their turnover increased over the past year. This compares favourably to the figure of only 29% seen in 2012. A very positive figure of 18% said that their turnover fell in 2014, whilst in 2014 the figure was 31%.

Subsequently, small businesses have hired more in 2014 and are planning to recruit even more in the near future. Almost a quarter (22%) took on more staff in the last year compared to 19% in 2012. A third have said that they intend to increase headcount in 2015, this is up from a fifth three years ago.

Matthew Hancock, Business Minister has said, “The UK government’s aim is to make Britain the best place in the world to start and grow a business from scratch.” “…This is clearly now within reach.”

“Small businesses are leading our economic recovery and we have thrown out weight behind them, like never before,’ adds Hancock. “Over 850,000 small businesses have benefitted from the government’s employment allowance.”

The employment allowance, which has been claimable since April 2014, means that people who earn less than £2,000 per year don’t have to pay national Insurance contributions. Up to 1.25 million businesses and charities will benefit from employment allowance. Over 450,000 businesses and charities won’t have to pay any employer national insurance contributions at all.

Matthew concluded, “We’ve cut back £10 billion of burdensome red tape and last year UKTI (UK Trade and Investment) helped nearly 48,000 businesses export more than £49 billion of goods overseas. There really has never been a better time to start a business!”